Stocks Flat as Wall Street Braces for Fed Minutes

Yesterday marked the market's worst day of 2023

Deputy Editor
Feb 22, 2023 at 12:02 PM
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The major indexes are muted, swinging above and below fair value after yesterday's dismal performance. Wall Street is awaiting the Federal Reserve meeting minutes, due out later this afternoon, as traders mull over the central bank's direction. In other news, oil futures are headed for their sixth-straight daily loss amid recession fears.

MMC Febr22

Options bulls are targeting TJX Companies Inc (NYSE:TJX), as the stock slides after the discount retailer issued a weak annual profit forecast, last seen down 1%t o trade at $78.04. So far, 29,000 calls have been traded, which is11 times the intraday average amount, in comparison to 8,045 puts. The March 83 call is the most popular, with new positions opening there. On the charts, today's drop has TJX breaking below its 80-day moving average. Year-over-year, the equity is up 19%. 

TJX Feb22

CVRx Inc (NASDAQ:CVRX) is up 30.7% at $9.26 at last glance, in what is likely a correction from yesterday's plummet, after its heart failure therapy missed its main goal in a post-market phase trial. Both the stock's 200- and 320-day moving averages now linger just above as potential pressure, however. Year-to-date, the equity is down 50.6%. 

Meanwhile, the New York Stock Exchange's (NYSE) Ziprecruiter Inc (NYSE:ZIP) is down 24.4% at $17.58 at last check, and landed on the short sale restricted (SSR) list. The company is brushing off better-than-expected fourth-quarter results on a weak 2023 forecast. Additionally, Raymond James downgraded ZIP to "outperform" from "strong buy," while a couple other analysts chimed in with price-target cuts. Year-to-date, the equity is still up 8.1%. 

 

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